Revitalization Commission Agenda and Packet 2021 01 13

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SUBJECT: PUBLIC INFRASTRUCTURE ASSISTANCE AGREEMENT WITH CORVUS NIDUS LLC DATE: JANUARY 13, 2021 PAGE 2 OF 2 • Encourages a mix of uses on the subject property as well as a combination of indoor and outdoor space; • Has an existing shared parking arrangement and can utilize existing parking rather than creating significantly more surface parking; • Seeks to enhance pedestrian connectivity; • Will address lacking streetscape and landscaping elements, as well as replace aging infrastructure; and • Would act as a public -private partnership with the LRC. Included as Attachment #1 is a draft agreement for public infrastructure assistance prepared by the City Attorney. The proposed agreement with Corvus Nidus LLC has been structured similar to the agreement for public infrastructure assistance with 824 South Inc. that was adopted by the LRC in 2020. Specifically, the applicant would perform the planned work, obtain appropriate warranties, and submit the improvements for inspection and approval. The LRC would then rebate the applicant for work performed according to the actual invoice, up to a total amount of $134,758. As the applicant is providing the project warranty, the agreement outlines the LRC will provide the financial guarantee ($134,758 multiplied by 1.15). After the warranty period expires, the additional 1.15 of the guarantee will go back to the LRC if it has not been used. Since the applicant has indicated planned completion in late summer 2021, the agreement provides for termination if the project has not been completed by December 31, 2021. Project representatives will be at the January LRC meeting to answer any specific questions about their application for assistance. As reference, the application materials for Corvus Nidus LLC have been included as Attachment #2. RECOMMENDATION: Discuss the agreement for public infrastructure assistance with Corvus Nidus LLC and provide direction on advancing this agreement to City Council. Staff has tentatively placed the agreement on the Council's advanced agenda for February 2. If approved by City Council on that date, the agreement could receive final approval at the LRC's February 10, 2021 meeting. ATTACHMENTS: • Attachment #1: Agreement for Public Infrastructure Assistance with Corvus Nidus LLC Attachment #2: Corvus Nidus LLC, Application for Public Infrastructure Assistance (December 10, 2020 meeting materials) LOUISVILLE REVITALIZATION COMMISSION Agenda Packet P. 25